Universal Display Corporation (NASDAQ: PANL) and Plextronics, Inc. have entered into a strategic alliance to accelerate the development and commercialization of solution-based OLED material systems incorporating Plextronics' hole injection and hole transport materials with Universal Display's phosphorescent OLED emissive layer materials. The companies entered into a three-year joint development agreement, and Universal Display made a $4 million investment in Plextronics.